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I feel this is very unlikely because if they were to somehow merge there would be a lot of trust violated and what would end up happening is there would be a fork at a previous block and everyone would go on their way. 51% attacks are the way a lot of coins can die and these sites don't want to risk their entire business on nothing. Best case scenario is they move really fast and turn a small profit
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That's why ASIC mining is a problem, at least as long as only a few companies control all the production of new mining devices. If ASICs were a widespread commodity and everyone had one, the story would be different.
Until then, CPU and GPU mining algorithms are the best solution, and the tears of entitled gamers crying over muh gpuh make the whole thing fun.
And yes, BTC has massive centralization issues, not just from the mining perspective. But, since it's the first cryptocurrency (and the most well-known), most people still give it more importance than it should get. There are other, better projects out there. -
@iamroot a hard fork is a very painful process for a coin like BTC, where most users don't know or don't care enough to inform themselves and make a switch or act proactively. Even soft forks have had a lot of friction due to lack of participation and general interest.
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@blockchaintacos yeah. Exactly! The UAE government is planning to apply Blockchain to 50% of the government transactions by the year 2021. Seriously! UAE! A government which kills their citizens for speaking the truth, a government that didn't let the woman drive for decades, is adopting a decentralised open source and transparent system!! The biggest bullshit I have ever heard.
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@iamroot even if I do not consider forging, it's a high chance that the mining pool like btc.com may have monopoly over the whole Bitcoin system as they are so big and growing fast. And the most dangerous thing, no one can sue them, challenge them if anything wrong happens.
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Yeah, bitcoin aims to complete decentralization but in effect it fails, it is the first attempt, failure is fine!
bitcoin is the so called first generation of cryptovalues, ethereum with smart contracts is the second, we are now approaching the third that will try to solve scalability and interoperability problems.
bitcoin validates transaction by proof of work, that has issues, now people are working on proof of stake validation.
will this solve every single problem? I really doubt. Will this solve some of them? Surely. Will "some" be enough? I hope! -
@mngr PoS has more flaws that PoW, I have yet to see a PoS system that does not favour centralization and that makes 51% attacks more costly than a PoW system. And these are just the two main issues with it, there are many others
Given the latest trend, i thought you guys might like this : https://twitter.com/steevedrew/...
BLOCKCHAIN?
Recenty I have studied a lot about Bitcoin and Blockchain. The technology behind these things is amazing. And people are going mad over it. But, are we really going to the right direction? I have doubts.
Bitcoin was targeted to be a decentralized system. But in the present scenario, if BTC.com, AntPool and ViaBtc somehow merge, they will own more than 51% of the total computational power of the Bitcoin network. And if that happens, they will have full control over the whole network and will be able to replace the whole Bitcoin Blockchain with their forged entries if they want. By the way, btc.com is China based and owns 29.6% of the total computational power of the Bitcoin mining network. Forget about merging, if btc.com grows independently, who can assure that they would never cross the 51% threshold? Same problem exists with other Blockchain systems too. Are these systems really decentralized as they advertise? I really doubt now.
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